Micron Technology has announced revenues for its third quarter of fiscal 2017 climbed to a record US$5.57 billion, 20% higher compared to the second quarter and 92% higher compared to the third quarter of fiscal 2016.

Net income attributable to Micron was US$1.65 billion, or US$1.40 per share, in the quarter ended June 1, compared with losses of US$215 million, or US$0.21 per share, a year earlier. The profits were also higher than profits of US$894 million, or US$0.77 per share, in the prior quarter.

"Micron delivered strong operational performance in the third quarter with free cash flow nearly double last quarter, which enabled us to retire US$1 billion in debt," said company president and CEO Sanjay Mehrotra. "Our results reflect solid execution of our cost reduction plans and ongoing favorable industry supply and demand dynamics."

The fiscal third quarter revenue increase of 20% compared to the previous quarter was thanks mainly to a 14% increase in DRAM ASPs and a 17% increase in trade NAND sales volumes, Micron said.

Micron saw its DRAM ASPs rise 14% in the third quarter. The company has more than 60% of its revenues generated from the sale of DRAM chips.

In addition, Micron indicated it is ramping up production of 64-layer 3D NAND and 1Xnm DRAM memory chips, and expects to achieve meaningful output by the end of its fiscal 2017.

"The global trends taking shape today, including machine learning and big data analytics, are exciting and create significant opportunities for Micron," Mehrotra continued. "We are focused on positioning the company to realize these opportunities by investing in technology and products while also strengthening our balance sheet."